Nationwide Select - cashback down from 0.5% to 0.25%

dazza.mk

zerog wrote: »

It's a worldwide trend, so not really to do with the EU. (Yes the specific legislation in effect in the UK is from the EU, but after leaving all EU laws will continue to apply and then be removed selectively.)

If you believe conspiracy theories it's part of a drive to reduce the use of cash.

The Choice Rewards card has already been discontinued for new customers (and IMHO was not worth it unless you have absolutely no use for avios).

The Lloyds Avios cards will be going, but we don't know when.

All the MBNA Amex combos are gone for new customers too.

Card companies will lose money if they offer anything more than 0.25% cashback so unsurprising that Nationwide has taken this step, and there won't be any better offers on a card with no annual fee.

Only directly issued Amexes without a branding partner are exempt, for the time being.

Also of course the UK was the driving force to getting the likes of the BA Amex included in the cap when previously, as an Amex, it was exempt.

mhoc

Just had a leaflet today with my credit card statement.

I have a Nationwide select credit card and it pays 0.5% cashback - this accumulates through the year and it is then taken off the December bill.

On January 11th 2018 though it is dropping to 0.25% - halved effectively.

At one time I was getting about £60 a year in cashback but through cutting my spending and diversification this year I am down to £40 - average spend of about £800 a month - normal household spend. Next year it will be £20.

I have other cards I don't use as much but after January I am wondering if they might be of more benefit eg my Barclaycard Hilton Honors.
Also I am wondering if now is the time to apply for an Amex rewards - I want sure if I could spend £2000 in the first three months but its a possibility.

I am wondering what other credit cards people use that offer cashback?

System

Only an Amex (directly issued by them and no other branding) will not be loss making at above 0.3% cashback.

Kim_13

A4445 wrote: »

Wow not impressed either. It be back to ASDA cash back or Natwest reward for me. Nationwide won't get much business from me anymore 0.25 is beyond rubbish. Even AQUA reward is better!

Would need to be disciplined with it though. As a sub prime card, it's likely to come with a lower limit than the Nationwide and it would mean higher interest if the balance was not cleared in full.

Depends whether customers would prefer not (potentially) having to pay some off mid month or the higher cashback.

Any oversight is going to cost more than the increased cashback in the overlimit fee and the mark on the credit file.

Nessie23

Aqua customer services are a pain to deal with. When they first opened the card Hfax/BoS run the card for them - very helpful and freidnly. 2 years on and I wanted to close the account by then they had moved the customer service in-house and it was awful. Called to close the account they "forgot" to do so had to call 4 months later when I noticed account still open on credit file, no apology and slightly condescending attitude from them. They also seem to run Amazon card.0.5% cashback is tempting, however I don't really want to deal with NewDay again. When the time comes I will consider other options which avoid Newday.

A4445

Nessie23 wrote: »

Aqua customer services are a pain to deal with. When they first opened the card Hfax/BoS run the card for them - very helpful and freidnly. 2 years on and I wanted to close the account by then they had moved the customer service in-house and it was awful. Called to close the account they "forgot" to do so had to call 4 months later when I noticed account still open on credit file, no apology and slightly condescending attitude from them. They also seem to run Amazon card.0.5% cashback is tempting, however I don't really want to deal with NewDay again. When the time comes I will consider other options which avoid Newday.

I had the same issue closing a Burtons card issued by Newday it took 4 months to update as closed on my credit report. When I called they were unhelpful, I won't do business with them again. There are plenty of other options out there!

glider3560

Has anyone checked the amount of cashback they accrued this month?

I expected around £4.50 after refunds, but only got 85p! Have contacted Nationwide awaiting their response.

18cc

I have the Barclaycard 0.5% cashback card (used to be Goldfish) they are still paying 0.5% but I don't think it is availabe for new applicants (not sure).

Paul_01

Mine was exactly what I expected.

glider3560

glider3560 wrote: »

Has anyone checked the amount of cashback they accrued this month?

I expected around £4.50 after refunds, but only got 85p! Have contacted Nationwide awaiting their response.

I had confirmation from Nationwide that there was an issue with calculating the reward. They are looking into it.